The Organization of the Petroleum Exporting Countries in its June Monthly Oil Market Report (MOMR) revised the estimated demand for its crude in 2019 to 29.4 million bpd, 0.5 million bpd lower than its previous assessment. Hence, demand for OPEC crude in 2019 was 1.1 million bpd lower than in 2018. A secondary source said that OPEC oil output in 2019 stood at 29.3 million bpd, in line with the demand for its crude.
Meanwhile, demand for OPEC crude in 2020 is estimated at 23.6 million bpd, revised down by 0.7 million bpd from the previous forecast. This means that demand for OPEC crude this year will decline by 5.8 million bpd from last year. For the first quarter of 2020, OPEC pumped an average of 28.3 million bpd of crude oil, about 7.7 million bpd higher than demand for OPEC oil in the same period.
Demand for OPEC crude in 1Q20 and 2Q20 is expected to decline by 8.7 million bpd and 14.2 million bpd year-on-year, respectively. Demand in 3Q20 is expected to be 2.6 million bpd lower than a year earlier, while demand in 4Q20 will likely rise by 2.2 million bpd year-on-year.
